Why Your Power of Attorney Probably is an Accident Waiting to Happen
Power of Attorneys (POA) are routinely – and should always be – included in an estate plan. They can often be the most important document in an estate plan and determines who will be making financial and other decisions in the unfortunate situation that the person becomes incapacitated. But a POA can be complicated and intricate, so there are several things to consider when making one appropriate for your circumstances.
- Choose the agent carefully
- Do not feel obligated to appoint a certain person or family member
- Consider appointing more than one person
- Check with your financial institutions
- Often they have their own guidelines and rules for honoring POAs
- Consider when it takes effect
- Establish some oversight
- Appoint a protector
- Make your intentions clear
See Bob Carlson, Why Your Power of Attorney Probably is an Accident Waiting to Happen, Forbes, August 24, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.